Category: Technial Analysis

EURUSD, “Euro vs US Dollar” Having completed the ascending wave at 1.1329, EURUSD is consolidating around 1.1300. Possibly, today the pair may correct down to 1.1280 and then start another growth to break 1.1330. Later, the market may continue trading upwards with the short-term target at 1.1403. GBPUSD, “Great Britain Pound vs US Dollar” After […]

Slight Reduction In Oil LongsThe latest CFTC COT institutional positioning report shows that oil traders cut their net-long positions last week, bringing total upside exposure back from the ten-week highs recorded over the prior week. While the market remains overwhelmingly long, some corrective action is to be expected and, at less than 10%, the reduction […]

CitiEuropean OpenSome markets reopened in Asia, following Lunar New Year Holidays. However, we note that CNY/HKD/TWD are still on holiday. In terms of moves, the plunge in equity futures late in NY session was the highlight, as sour earnings caused 2% dips. USD modestly gained in the Asian session, continuing a trend seen in NY, […]

• EURAUD broke resistance zone • Likely to rise to resistance level 1.6125 EURAUD currency pair recently broke the resistance zone lying between the key resistance level 1.5950 (which has been reversing the pair from January) and the 61.8% Fibonacci correction of the previous ABC correction (2) from December. The breakout of this resistance zone accelerated […]

• EURUSD reversed from support zone • Likely to rise to resistance level 1.1470 EURUSD currency pair recently reversed up sharply from the support zone lying between the major support level 1.12 (which has been reversing the pair from the middle of 2020) and the lower weekly Bollinger Band. This support zone was further strengthened by […]

EURUSD stopped rising before the ECB meeting. The major currency pair took a break from growing before the ECB meeting. the current quote for the instrument is 1.1300. The CPI Flash Estimate in the Euro Area showed 5.1% y/y in January after being 5.0% y/y the month before; it’s a new high for the indicator. […]

Brent As we can see in the H4 chart, after breaking the high at 86.63 and fixing above it, Brent has stopped at 91.43. At first, the asset intended to reach the post-correctional extension area between 138.2% and 161.8% fibo at 94.53 and 99.41 respectively, but the above-mentioned level turned into strong resistance. Both this […]

ECB Inflation Outlook On WatchThe February ECB meeting today will play second fiddle to the BOE meeting. However, there is still potential for market action in response to the meeting as traders await the latest outlook and assessment from the bank. No alteration in monetary policy is expected at this point so the main focus […]

BOE In FocusThe February Bank of England meeting due today is drawing a great deal of focus, with the market widely expecting the BOE to hike rates by a further .25% to 0.5%. With omicron risks having fizzled out, the labour market continuing to tighten and inflation soaring, there seems little case for the BOE […]

USDCAD, “US Dollar vs Canadian Dollar” As we can see in the H4 chart, after forming several reversal patterns, including Hammer, close to the support level, USDCAD is reversing and may form a new rising impulse. In this case, the upside target may be the resistance area at 1.2780. However, an alternative scenario implies that […]